The documents your property manager should provide for you

You own a co-owned property

The co-ownership property manager is responsible for day-to-day management of the common areas of the building. This makes them a link person between all the owners, and between the owners and all those involved in maintenance of the common areas. The law on co-ownership stipulates that a property manager must give the co-owners access to all non-confidential documents or information relating to the co-ownership.

In this article we will look at the documents that your property manager should provide for you.

The convocation to a General Meeting

The convocation is sent out to you by registered post at least 15 days before the date of the General Meeting.

This letter must include:

• The venue, date and time of the General Meeting
• The agenda, with items which can be decided on by the various co-owners.
• The modalities for accessing the documents relating to the items on the agenda

Accounting documents

The property manager must also send you the statements relating to your property. This may be a periodical statement (quarterly) or an annual statement. This will include:

1. Notes on the expenditure relating to the entire co-ownership (supporting documentation).
2. The accounts on the closing date.
3. An individual statement.
4. Details of specific accounts, for example movements in the reserve fund during the relevant period. The notes will show the balance at the end of the previous period and the movements in the accounts, with notes on debits or credits and the balance at the end of the period.
5. Other documents that are provided: although not all co-owners need them, the property manager may provide statements from suppliers and the statements relating to damages. The co-ownership property manager may also provide details of debits and credits in the bank accounts.
6. If the co-ownership has accounts relating to heating and/or cold water and/or hot water, the property manager sends each co-owner their private consumption sheet, which is usually issued by a meter reading company (Caloribet, Istat, Energy control, etc.)
7. You are also entitled to request a copy of the insurance policy.

You want to buy a co-owned property

If you want to buy an apartment or property within a co-ownership, the vendor must provide you with certain items of information, including:

• The foundation document, which describes the building as a whole, with details on the composition of the various private units and their share of the common areas.
• The co-ownership regulations, which set out the rights and obligations of each co-owner (rules relating to building work, prohibition of specific activities, etc.) and the way the charges relating to maintenance and repairs of the common areas are shared out (for example: how costs relating to the lift are shared out).
• The internal regulations which set out certain practical arrangements, i.e. anything that is necessary or useful to ensure harmonious relationships between the co-owners. Possible examples might be: are pets allowed in the building? Are you allowed to put up Christmas decorations in the common areas?

Finally, you must also be fully informed about your future relationship with the other co-owners.

The property manager must also provide the following information and documents in response to a simple request (by the Notary, the vendor or the estate agent), within 15 days of the request:

• The current amount of the working capital and the reserve fund.
• The amount of any arrears that are payable by the vendor.
• The situation relating to calls for funds destined for the reserve fund, which have been decided on by the General Meeting before the fixed date of the transfer of ownership.
• Where applicable, an account of any legal proceedings that are in progress in relation to the co-ownership.
• The minutes of ordinary and extraordinary General Meetings of the past three years, as well as the periodical statements relating to charges during the past two years.
• A copy of the latest accounts of the Co-owners’ Association, approved by the General Meeting.

OP, a property manager at your side

Did you know that OP has been providing top-class property management services for 145 years? This long history has been built on our professionalism and the transparency we provide for co-owners.